Investors have raised concerns about potential fraud in a high-return investment program associated with Shoot Space Digital Pvt. Ltd. at Gujarat International Finance Tec-City (GIFT City). The scheme, involving investment in digital data storage space, offered fixed monthly returns, attracting investors from Gujarat, Haryana, and Goa. Initial payouts were made regularly, fostering trust and leading to further investments.
Several investors have reported significant investments, including savings, loans, and asset proceeds. Individual investments range from Rs 5 lakh to Rs 3 crore, with outstanding payments reaching up to Rs 85 lakh. However, payments reportedly ceased around two months ago, causing distress among investors. This situation prompted a gathering of investors outside the company’s office in GIFT City, resulting in police intervention.
Approximately 33,000 investors may be impacted by the alleged fraud, with potential losses exceeding Rs 400 crore. The company, which had offices in GIFT City, Noida, and Jammu and Kashmir, organized public events to enhance credibility. The police are currently investigating the allegations, with statements being recorded from complainants to verify the facts.
Dabhoda Police Inspector Anil Chauhan confirmed that the investigation is ongoing, with around 32 to 33 complaints received. While no FIR has been filed yet, efforts are underway to locate the firm’s owner, Utpal Patel, for further inquiries. The probe includes examining financial transactions and communication records to determine the nature of the scheme.
